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Feb 12, 2013 7:00pm EST
the president's take on the economy. but will he make a compromise deal on the budget cut iting se quester. "the kudlow report" begins right now. >> first up, this evening let's set the scene for tonight. aamon joins us now from the hill. what is the buzz about tonight over there good evening to you. >> reporter: well good evening larry. if history is any guide, the last 12 to 18 months might represent the opportunity. after that, history shows that second term presidents tend to peter out a bit. the president knows what is at stake here tonight. but especially the economy we have exerts from what the president is going to say. he is going to say it is our generation's task then to ignite the true engine of economic growth. we are going to hear from republican senator marco rubio. he is going to give the official response. he says this opportunity to make it to the middle class or beyond no matter where you start out in life isn't be stowed on us in washington. sol larry, two different positions tonight. >> all right many thanks. appreciate it. we know the president opposes the see quester. is h
Feb 11, 2013 2:00pm PST
were without jobs. the agricultural economy, a refuge in earlier depressions, suffered during the 1920s then collapsed in the 1930s. nothing seemed to halt the downward spiral. how did people respond? eric sevareid remembers the anguish of his father's generation. i think the instinct of that generation was to blame themselves. somehow they had not listened to god's word closely enough or hadn't been smart about how they handled the land or loans or something. only later did they begin to blame the government or the system. people have to have scapegoats. they can't feel personally responsible forever. and it was such a vast thing anyway, something fundamentally broken down. we were plowing under food, killing little pigs, and people were going hungry. millions of sick people and doctors going broke. what was going on? what was the sense to this-- this rich country? politicians of 1932 were prisoners of the economic theories of the day that held the economy would improve. that's the message president hoover kept delivering. in cambridge, england, john maynard keynes was telling students
Feb 14, 2013 6:00am EST
return projects, can, in fact, have a big effect on the state of the economy. about half of nondefense discretionary spending can be viewed as investments either in physical structures or in people in the form of education and training. not all that money is spent well. but some of it is clearly spent for things that the private sector would not otherwise provide. and some of those projects can then have high rates of return and boost the economy in significant ways over time. i think the -- one concern that people have raised about the cutbacks in discretionary spending as a share of g.d.p. that are in place under the sequester but even under the original cast, people have expressed concern that can end up limiting the investment that the federal government does, but it's hard to know for sure because your colleagues haven't made specific choices yet. on helping to refinance, i don't know precisely what his proposal is. we will see that when he releases his budget, we have done analysis of different ways of encouraging more refinancing. and that could have a positive effect on the eco
Feb 12, 2013 5:00pm EST
the economy through a financial crisis, but it already is destroying jobs and growth today. we are not receiving the growth today we should have as a result of the drag of this debt. c.b.o. projects that we are entering a future in which our debt is so great that our fastest growing item in the budget will be interest payments. according to c.b.o. annual interest costs will total $5.4 trillion. by 2020, seven years from now, interest costs are expected to exceed the cost of national defense. and i just left the defense committee hearing talking about the sequester and how damaging that will be to the defense department, because half of the cuts follow 1/6 of the budget and that is the defense department and that is too severe and they need to be spread out across the entire spending of issues. interest payments which help no one build nothing will crowd on the rest of the budget and it will damage our economy in the meantime right now. while we talk of cuts, total spending spending on the 10 largest welfare programs, means tested and poverty programs will increase even more, 76
Feb 10, 2013 7:30pm EST
that show long term the economy will move in the opposite direction of the deficit. the economy grows if the deficit goes down. shrinks if the deficit goes up. you argue the deficit doesn't matter now. do you disagree with the government projections? >> the cbo report is reasonable. it says that we wish we had lower debt. if we look at the long-term it would be nice to pay down the debt but it doesn't show a crisis. trying to slash the deficit now will deepen the clear and a present danger which is high unemployment and on going economic slump. i thought -- i found the cbo report supportive of what i'm saying. our priorities should be jobs, not the deficit. >> i want your reaction to something dave camp told us, chairman of the house ways & means committee. he said we need an equitable approach to cutting and spending. i want your reaction to it. >> sure. >> what we need now is the ekd part of the balanced approach the president called for in december. the beginning of reigning in debt and deficits. on the president's commission, they said when the debt gets to this level of the econo
Feb 12, 2013 9:00am EST
of the program approach, it became clear that the economy remained weak. and the fomc took a series of steps to provide further impetus to the recovery. in june 2012, the committee extended its maturity program until the end of this year. thin inset 10 but it made a major new commitment to asset purchases. unlike its past purchase programs which were fixed in size, this time the fomc stated its determination to continue the program, provided that inflation remained well contained until it judges that there has been a substantial improvement in the outlook for the labor market. the committee currently intends to purchase treasury debt at a pace that will lay out about $85 billion per month as social security to the federal reserve's balance sheet. and determining the size, and composition of these purchases over time, the committee will also take into account the ongoing assessment of their efficacy and cost. the second unconventional policy tools that the fomc has issued its forward guidance. in the form of more explicit and more detailed information about the future path of monetary policy.
Feb 11, 2013 12:30am PST
out with new projections this week. they saw, long term, the economy will move in the opposite direction of the deficit. the economy grows if the deficit goes down, it shrinks if the deficit goes up. you argue in the book that the deficit really doesn't matter right now. do you disagree with the government's projections? >> no, i think the cbo report is pretty reasonable. and it says that we wish we had lower debt, and if we look at the long term it would be nice to pay down the debt but it does not show a crisis. and trying to slash the deficit right now will deepen the clear and present danger which is a very high unemployment and ongoing economic slump. so i actually -- i found the cbo report supportive of what i'm saying, that right now our priorities should be jobs and not the deficit. >> i want to get your reaction to something that dave camp told us, the chairman of the house ways and means committee. he said that we need an equitable approach to cutting and spending. take a listen. i want to be get your reaction to it. >> sure. >> what we really need now is the second p
Feb 13, 2013 5:00pm EST
, budget process reforl, budget enforcement and the economy. the plan lays out an initial schedule for hearings, similar to what this committee traditionally does. this schedule is not binding and does not preclude the committee from holding hearings on other topics as need arises or circumstances change this plan has been chaired with all members of the committee and my understanding is that there will be no amendments. without objection, the oversight plan is considered as read. i now recognize the gentleman from california, mr. campbell, for the purpose of offering the necessary motion to adopt the oversight plan. >> i move that the committee adopt the chairman's mark as the oversight plan for the committee on budget for the 113th congress. >> the question is on the motion offered by the member from california, those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. the ayes do have it. the oversight plan is adopted. i ask unanimous consent that the committee be authorized to issue and print copies of the compilation of laws and rules regarding
FOX Business
Feb 9, 2013 6:00am EST
are worried about the state of u.s. economy, economists predicting just a 2% growth this year, which is not much, many hope much of the president's speech focuses on the u.s. economy, neil cavuto will cover the speech all night tuesday night right here on fox business. but first, to tucker carlson, monica metta and a guy who will cover it with neil tuesday is peter. >> the white house said that president's inaugural address laided up on some big themes that president wants to talk about and advance in his second term, that we need to wait for state of the union for him to get into some detail on what he wants to do. so, we are expecting that he will offer more details but, i would not expect any change in broad themes. liz: what we're expecting is gun violence, immigration reform, and tax reform, and energy? what is missing? >> climate change,e'll talk about that too. these are the issues that the president cares about. liz: what is missing? >> growth. the president's main concern is income inequality, he does not read the w "wall street journal" he is focused on leveling the play ar
Feb 11, 2013 2:30pm PST
for the white smoke to rebuild the succession. with the economy at the forefront, what should we be listening for? we asked one of the top leaders. welcome to our viewers on public television in america and around the globe. joseph is 85 years old and his health is failing. in any other profession, at his resignation would come at no surprise at all. it's as the leader of the catholic church, it is no surprise at all. pope benedict xvi announced that he will resign at the end of february. he is the first pope to do so in 600 years. >> it was during a routine meeting with vatican card bills that pope benedict did something that no pontiff had done in nearly 600 years. he announced his resignation and stunned his audience. he said that i have come to the certainty that my strengths, in due to an advanced age, are no longer suited to an adequate execution of saint peter's ministry. pope benedict said the strength of mind and body are necessary. strength in that in the last few months had deteriorated to the point where he doubted he could carry out his duties. only yesterday pope had spoken to s
Feb 11, 2013 6:00pm EST
and career change, fidelity is there for your personal economy, helping you readjust your retirement plan along the way. rethink how you are invested and refocus as your career moves forward. wherever you are today, a fidelity ira has a wide range of investment choices. call today or make it easy to move that 401k to a fidelity ira. >> a relationship managers work hard to know your assistance. offering specialized solutions and capital to meet your growth objectives. we offer expertise entail solutions for small businesses and major corporations. what can we do f you? >> now, "bbc world news america ." >> this is "bbc world news america." it has not happened since the middle ages, 85 years old and frail, pope benedict announces that he will resign at the end of this month. >> you are joking. the pope? oh, my god. >> who will lead the catholic church next and what continent will he come from? we wait for the white smoke to rebuild the succession. with the economy at the forefront, what should we be listening for? we asked one of the top leaders. welcome to our viewers on public television
Feb 14, 2013 7:30am EST
leaders are asking members not to miss the forest for the trees. they say the region's economy is far from being out of the woods. ron madison is here with more on the latest data that is out. ron? >> lots for member nations in the eurozone to take into consideration when they consider the entire block. the eurozone still definitely struggling as the region continues to slow down. the economy for the common currency block is struck now for a third straight quarter. the european union's data office announced gross domestic product for 2012 contracted 0.6% from the previous quarter. that follows negative growth of 0.1% growth from the previous period. portugal saw 1.8% negative growth. spain coming in at 0.7%. italy at 0.9%. the leading economies also shrank, germany contracted 0.6%. france by 0.3%. in terms of greece, its economy shank 6% compared to a year earlier. for the whole 2012, the whole economy contracted by .5%. in 2011 the single currency area grew by 1.4%. >>> near japan gross domestic product shank slightly for 2012 for the october to december period. it does mark the third str
Feb 9, 2013 3:05pm EST
. cbo just released its outlook for the federal budget and the economy over the next decade. i would like to tell you a little about it, and then my colleagues and i will be happy to take your questions. our analysis shows that the united states continues to face very large economic and budget challenges. under current law, we expect the unemployment rate will remain above 7.5% through next year. that would make 2014 the sixth year in a row that unemployment is so high, the longest such period in seven years. -- 70 years. also under current law, we expect budget deficits over the next decade to total about $7 trillion. with deficits so high, the federal debt on the public will remain a larger percentage of gdp than in any year between 1951 to 2012. by the end of the decade, debt would be 77% of gdp, on an upward path. let me elaborate on those points, beginning with the economy and then turning to the budget. we anticipate that economic growth will remain slow this year because the gradual improvement that we see in the underlying economic factors will be offset by a tightening of fe
FOX Business
Feb 11, 2013 11:00am EST
and more money will go to the private economy. i am saying that you can argue it both ways. >> when you have concrete examples in europe where you have substantial cuts and public expenditure and the economy has completed more to the ground. if the private sector wants to save, you have to accommodate out by allawi government to spend a little bit more. connell: it was good to have you in studio. dagen: you were in the middle there somewhere. marshall, thank you very much. connell: the value of u.s. stocks up by $12 trillion since 2009. those numbers are from the federal reserve. our next guest says there is still room in the stock market. our next guest is bryan was worried. >> marshall is the keynesian. i do not believe there is any evidence to prove that he is right that government spending helps the economy. prosperity of europe, it is in the post. in the last five years, you have had substantial guts and government expenditure. >> marshall, there is no government in europe that have cut spending in the last five years. zero. nada. over the last 40 years, france has had an 8.1 unemp
Feb 14, 2013 1:00am EST
the great depression. we need to reignite growth. our economy is in better shape today. over the past four years, the private sector has created more than 6 million jobs. rules are in place. taxpayers are not responsible for big firm fails again. the housing market is recovering and home values are stabilizing. we have isolated iran from the global financial system and establish the toughest sanction regime in history. we have sent a series of trade agreements to open markets for american goods and level the playing field for american workers and businesses. our auto companies are growing and innovating and creating jobs. we have made substantial progress reducing our deficit in a balanced way. we are in a better position today, but the work remains unfinished. our top priority is to strengthen the recovery by fostering job creation and economic growth while we make sure that our economy remains resilient to the headwinds beyond our shores. that means making it easier to tell american made goods abroad and expanded infection in the united states. that means working with our partners in the
Feb 9, 2013 6:20pm EST
. and the result could be a huge blow to middle class families and our economy as a whole. if it goes forward thousands of workers are likely to be laid off, firefighters and food specttors could find themselves out of work leaving ourselves vulnerable. programs like head started would be cut and research into cancer andals himers could be scaled back. small businesses could be prevented from getting the resources they need to keep their doors open. people on disability could wait longer on their benefits. all economic progress could be put at risk. then there is the impact on our military readiness. already they have delayed an aircraft carrier that was supposed to deplay to the gulf. changes like this effect our ability to respond threats in an unstable part of the world. and we'll be forced to make more tough decisions in the week ahead if congress files act. the good news is there is another option. two months ago we faced a similar deadline and instead of making deep cuts that would have cost jobs and slowed down our recovery, democrats and republicans came together and made responsible
Feb 11, 2013 4:30pm PST
companies, and investors are seeing in the u.s. economy. we preview the economic state of the union. why regulators need to treat them like other business. then u.s. airways sees big benefits in merging with american airlines. we look at the new landscape for airlines if the deal goes through. we have that anmore tonight on nbr. president obama is preparing to deliver his first state of the union address of his new term, tomorrow. the american people will be listening carefully to his plans to grow the economy, especially as they struggle with less take home pay, and worries about their jobs. while there are signs of improvement in the economy, the unemployment rate rose in january to 7.9%. so what is the current state of the economy? erika miller talked to two experts with different views. >> reporter: it may seem strange to many investors that the stock market can be hovering at five- year highs, when the economy is so weak. but what's fueling the rally is not the current situation, it's hope. >> we've taken out some of the downside tail risks. so, we're feeling like although it's not
Feb 8, 2013 9:00am EST
.s. economy. martin regalia, chambers chief economist will talk about recent gross domestic product figure and what policy the obama administration and congress to propose to help stimulate the economy. this is just getting under way. >> a prime example of our ability to involve experts and debates on topics that are critical to the business community. i'm going to start us off today by queuing a video from christopher giancarlo of the gfi group, our sponsor, for this series. but for some want to make a brief announcement. this series, this economic series that we pose every quarter, has been accredited by the national association of state boards of accountancy to provide continuing professional education, credits for accounting professional. so we are quite excited of that and hopefully you will as well. this accreditation highlights the value of this and other programs that would hold her at the chamber. for more information on that please visit our website, or speak to some of folks outside in the registration desk. after the video i'm going to ask marty to come up directly and begin th
FOX Business
Feb 12, 2013 6:00pm EST
to basics for president obama, but with his new focus on the economy be any more effective than his last? also, the nearly 3 million americans to get those free cell phones we all pay for are found to be ineligible. i will have the latest on this waste, fraud, and abuse. speaking of waste, solar power is supposed to be a clean energy alternative. a new report shows it is producing toxic waste. that "the willis report" is on the case. ♪ gerri: all that and more coming up. first, breaking news tonight. early looks at tonight's state of the union address. in his fifth address to congress the president will say this, nothing at night first posed should increase our deficit by a single dime, not a bigger government, but the smarter government. setting priorities and investing in broadbased growth. all this happening and about three hours from now, but no matter how it spends, spending is spending, and the federal government is racking up. the average length of president obama's previous addresses as one hour and five minutes and 21 seconds. think about it. the amount of time it takes the na
Feb 12, 2013 12:00pm PST
for the american economy and the american word around the world. >> i think we've taken a serious hit to the prestige of the american financial strength, all right. and it comes from a few things. it comes from the first debate about the debt limit. it comes from the way we handled fiscal cliff. we have become a nation that responds to a deadline, only to a deadline. and at least so far we have been patching it along the way. and so we create more deadlines. i mean the sequestration was created because we couldn't get through simpson bowles. >> rose: bowles simpson, a very good effort. >> yes, yeah. and i think directionally a sound one. by the way i think the dom initchi rivlin which got much more coverage was in many respects also very thoughtful at this and really dealt with it in the broadest framework. just an example. we talk about cutting spending. one of the things that came out of the diminici-rivlin commission was that if we held, if we held defense spending flat, not cut it but just held it flat for five years and then let it grow with gdp which is what you do if are you in
Feb 13, 2013 6:00am EST
. what is holding us back? let's streamline the process and help our economy grow. these initiatives and manufacturing, and energy, infrastructure, housing, all these will help entrepreneurs in small business owners expand and create new jobs. but none of it will matter unless we also equipped our citizens with the skills and training to fill those jobs. [applause] and that has to start at the earliest possible age. you know, study after study shows that the sooner a child begins learning, the better he or she does down the road. but today fewer than three in 10 four-year-olds are enrolled in a high quality preschool program. most middle-class parents cannot afford a few hundred bucks a week for a private preschool. and for poor kids, who need help the most, this lack of access to preschool education can shatter them for the rest of their lives. so tonight i propose working with states to make high-quality preschool available to every single child in america. [applause] every dollar we invest in high quality childhood education can save seven dollars later on by boosting regulation r
FOX Business
Feb 10, 2013 1:00am EST
're wrong. >> and that's dragging down our economy. >> america is going broke on health care even more than social security for us the best plan is going to be the cheaper plan even if it has a longer weight time. it won't bankrupt the country. we have doing nothing, absolutely nothing for health care reform. we have a pencil ledger system in a computer world. all we did was add 30 to 50 more people to insurance rolls. this is an economic argument. is it cheaper to give people insurance or cheaper to pay higher health care costs because they go to the emergency room they can't afford and we pay higher health care costs, but the problem is, we did nothing for health care reform. all this is going to do is exacerbate the-- >> all right, guys, okay, i'm sorry, guys, that's got to be the last word. thanks so much, good debate. baltimore might be the title town, but the city's tax and spending problems could bring it down. now the cavuto team say some in washington are taking a page out of baltimore's play book that could sack us all. that's at the bottom of the hour, but up here, first, those a
FOX News
Feb 12, 2013 8:55pm EST
that the president will use this speech tonight to shift heavily to the economy, shifting the emphasis away from the broad social agenda of his second inaugural address, to focus on manufacturing and infrastructure, other investments and research and education. the house speaker today called that more spending, charged that on the issue of tackling the deficit and debt, quote, i don't think he has the guts to do it. he doesn't have the courage to take on the liberal side of his own party, and never has. as you see, the cabinet, i believe, those are coming into the house chamber. and basically, this is the mood. that's the mood up on capitol hill. the house speaker capturing some of that today at this breakfast. one report this week said this speech will be less a presidential olive branch than a congressional cattle prod. white house house secretary jay carney pushed back from the aggressive moniker on special report, finding out who is characterizing it more accurately. we're waiting now for the announcement of the supreme court justices to come into the house chamber. let's bring in our panel
Feb 12, 2013 4:30pm PST
the president. and currency wars: g-7 countries say they're looking to boost their local economies, but critics say they're aiming to get ahead by weakening their currencies. that and more tonight on "n.b.r." we're hours away from president obama's state of the union address. americans aren't just listening for what he says but how he says it. will he strike a hopeful or optimistic tone, and will he offer a concrete plan to create jobs and grow the economy? washington bureau chief darren gersh reports. >> reporter: with more than half of americans thinking the economy is still in recession, it makes sense that the president is focused on a jobs agenda in his speech tonight. but while his plan may be new, the challenge is not. >> the economy is not growing fast because the demand for the goods and services that we can produce in this country has not increased very much. and unfortunately, the public sector purchases of consumption items and investment items has been incredibly weak compared with earlier recessions. >> reporter: state and local speing on roads, buildings and bridges has hit a sev
Feb 11, 2013 4:00pm PST
that the u.s. economy was starting to slow down again. from your perspective, how do you see the state of the american economy? >> it is still uncertain. we really need to get the economy growing. the only way to get jobs is to add and grow the economy. the economy will not grow as long as government intrudes and tells us what to do. there is a lot of shore that we would like to bring back. the tax coming back on that money is way too high. >> we know that jobs and growth will be a big part of the state of the union address tomorrow night. the new ceo has been down at the white house talking to the president. >> he is going to really focus on growth of the economy. the only way to get jobs back into this economy, we are barely breaking even on jobs. we have got to create at least 100,000 jobs a year to keep up with the growth in the population. we are pushing very hard to push the visa waivers. we would love to have that for brazil. they would absolutely love to come to america. >> along side with that, would you like to have comprehensive immigration reform? >> i think that is very im
Feb 12, 2013 10:30pm EST
a economy where people can rick their own money to open their own business and hire more people to help others start a business and create jobs. presidents in both parties from john k.kennedy and ronald reagan that free enterprise economy is the source of our middle-class prosperity. the president obama, he believes it's the caution of our problems. the economic downturn happened because our government didn't tax enough, spend enough or control enough. therefore, as you heard tonight his solution to virtually every problem we face is for washington to tax more, borrow more and spend more. this idea that our problems were caused by a government that was too small is just not true. in fact, the major cause of our recent downturn was a housing crisis created by reckless government policies. the idea that more taxes and more government spending is the best way to help hard working middle-class taxpayers, that is amp old idea that has failed every time it has been tried. no government is going to help you get ahead, it is going told you back. more government is not going to create more oppor
FOX Business
Feb 11, 2013 7:00pm EST
business investment. at think we are past the crisis point in the economy, but we now have to pick and focus on jobs and growth. >> my principal bull for focus, number one focus is going to be making sure that we are competitive, a growing and creating jobs, not just now, but well into the future. >> at a time when our economy is still recovering from the recession, our top priority has to be jobs and growth. lou: despite his repeated claims that job creation is his top priority, 20 trillion americans remain out of work, underemployed, or have given up on finding work. the unemployment rate that almost 8%. a tent of a percent higher than when president obama took office. meanwhile, president obama says his administration is already more than half wait toward its goal of deficit reduction with the president calling for more tax hikes to finish the job. it. >> over last few years democrats and republicans have come together and cut our deficit by more than two and a half trillion dollars to a balanced mix of spending cuts and higher tax rates for the wealthiest americans. that's more
FOX News
Feb 13, 2013 3:00am EST
the president's aides are expressing deep concerns about the economy, the recent weak economic growth, raising unemployment has sort of concerned them about the president's standing and so their goal tonight is to give the president talking about the middle class and get beyond the washington squabble about sequester and the process battles going on in washington, talk about the middle class. these democrats say the president will do that with some new plans and some old plans. a new one, for example, he'll talk about raising the federal minimum wage, they say from $7.25 per hour to $9 per hour and they also say the president's aides are previewing he will be calling once again he something he's called for a couple of years now, 50 billion dollars in new infrastructure money and as juan williams suggested, these democratic officials say the president will be going out on the road not just this week, but they say basically for the next six weeks. the white house plan is to drive a message about the middle class. several challenges though he'll be facing tonight and beyond, number one, how he's
Feb 9, 2013 1:50pm EST
different. a once vibrant and growing state economy was brought low by the gross irresponsibility by those on wall street. as a result we have suffered 4 years of recession, with almost 300,000 people in washington looking for work. too many of our families are on the brink of losing their home. parents lie awake at night wondering how they can provide for their children's future. but we remain an optimistic state, a visionary state and an innovative state. time has not dimmed and the recession has not diminished our thirst for innovation and our talent for technological growth. we are the most creative, entrepreneurial group of business men and women, scientists, educators and workers on the planet. companies like silicon energy in marysville are leading the world with some of the most durable solar cells ever built. janicki industries in sedro- wooley is driving innovation in aerospace. valve, a software company in bellevue has grown into a worldwide leader in interactive entertainment. and in grays harbor an across- the-board effort led to the re- opening of the paper mill last year, pu
Feb 13, 2013 6:30pm PST
festival. president barack obama says the american economy has made important progress, but there is still a long way to go. he delivered the annual state of the union address in washington last night and urged americans to help jump-start the country's sluggish -- sluggish economy. >> pushing hard for a special economy would significant job growth. that looks like the message obama plans to hammer home time and time again during his time in office. >> presidents also touched on foreign policy, praising u.s. soldiers stationed in afghanistan and promising them a speedy return home. >> the president of the united states. [applause] >> it is a washington ritual, long applause, handshakes, and hugs on both sides of the aisle. in his speech, obama focused clearly on domestic issues, among them, raising the minimum wage, reforming immigration, and modernizing the education system. he also address america's political third rail -- gun control. the president promised survivors of gun control violence he would pursue common-sense reform. in a short foreign policy segment of his speech, obama said
Feb 14, 2013 6:00am PST
. >>> the eurozone is still struggling. as the region continues to slow down. the economy has shrunk for a third straight quarter. the european union's data office has announced gross domestic product for october to december 2012 contracted 0.6% from the previous quarter. that follows a negative growth of 0.1% for the july to september period. by country, portugal saw a 1.8% negative growth, spain minus 0.7% and italy minus 0.9%. the eurozone's leading economies also shrank. germany contracted by 0.6% and france by 0.3%. greece's economy shrank 6.0% compared to a year earlier. for the whole of 2012, the eurozone economy contracted by 0.5% as a whole. in 2011, the single currency area grew by 1.4%. >>> japan's gross domestic product for the final quarter of 2012 shrank slightly, that's for the october to december period. it marks the third straight quarter of contraction. cabinet office officials say it fell to a decline of 0.4% in annual terms. the base of decline was more moderate than the previous period when it was minus 3.8%. weak global demand was dragging down the economy. exports shrank 3
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